Zheng Quan Zhi Xing·2025-08-04 12:40Core Viewpoint - The report highlights the steady growth of Daodaoquan's core business and the effectiveness of its channel expansion, leading to a "buy" rating from Southwest Securities [1]. Financial Performance - In the first half of 2025, Daodaoquan achieved revenue of 2.792 billion yuan, a year-on-year increase of 1.16% - The net profit attributable to shareholders reached 181 million yuan, up 563.15% - The net profit after deducting non-recurring items was 157 million yuan, an increase of 428.51% [1][2]. Cost Management and Profitability - The company benefited from a decline in raw material costs, significantly restoring profitability - The overall gross margin improved by 2.32 percentage points to 11.65% - The gross margin for the core product, packaging oil, increased by 0.89 percentage points to 15.67%, while the gross margin for meal products rose by 1.23 percentage points to 5.40% [1][2]. Core Business Growth - The packaging oil business, which is the main source of revenue and profit, generated 1.751 billion yuan, a year-on-year increase of 20.53% - Sales volume in the food processing segment reached 170,900 tons, up 24.19%, indicating strong market demand and brand recognition - The number of distributors increased by 92 to 1,397, and online direct sales revenue for packaging oil grew by 23.64% [2]. Capacity Expansion - Daodaoquan plans to invest 1 billion yuan in a 1 million tons/year edible oil processing project in Weinan, Shaanxi, to capture opportunities in the Northwest market - The company is also advancing the construction of the "Daodaoquan Changsha Headquarters Base" with an investment of 45 million yuan during the reporting period, totaling 228 million yuan [2]. Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.7 yuan, 0.83 yuan, and 1.02 yuan, respectively - The corresponding dynamic PE ratios for 2025-2027 are projected to be 16, 14, and 11 times [3].